Pocket Listings Are Now Banned By The The National Association of Realtors

National Association Of Realtors Bans Pocket Listings

pocket listings

The National Association of Realtors has officially banned the use of pocket listings. The NAR board of directors voted 729-70 on Monday to ban the controversial practice. The NAR stated the practice was controversial because it allowed agents to select who the property is sold to.

Pocket listings were surging in competitive markets in overpriced markets like New York, San Francisco, Los Angeles and Washington D.C.

A listing agent to use the MLS service to let select realtors know the property was for sale. Realtors would usually list it with code words or with an informal “coming soon” notice. This also allowed them to avoid officially sharing the listing and often retaining a full commission.

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Housing Market Warning! Market Flashing Recession Signals

Gap In Housing Market Between Home Prices And Income Point To Recession By 2020 Election

Housing Market

The housing market is signaling there will be an economic recession by the 2020 election. Council on Foreign Relations Director of International Economics Benn Steil joined JPMorgan Chase CEO Jamie Dimon predicting a recession:

Looking back at the years preceding the 2008 financial crisis. A critical warning sign was the surging gap between the growth in home prices and household income. Today, a parallel dynamic is playing out.

Household incomes have been growing. However, it hasn’t come close to keeping up with the increase in home prices. The median annual household income in August rose by 1.3% from 2018. Yet, data from the National Association of Realtors shows the median home prices in the United States housing market rose 4.7% in August from a year earlier.

Read more at MFI-Miami